Through the #ClimateTalk format, the German Embassy in Colombia promotes conversations with various sectors on topics important for climate and environmental protection. On April 10th, the conversation focused on the barriers to green investment in Colombia and the Global South, and how national and international development finance institutions can overcome them and expand cooperation to mobilize domestic financial capital for climate and development objectives.
This event was co-organized by the Climate Partnership, the Business Development Bank of Colombia – Bancoldex, in association with BMZ, the German Embassy in Colombia, the SOAS Sustainable Finance Centre of the University of London and the NDC Partnership. Representatives from institutions such as Findeter, FDN, Finagro, Asobancaria, Superintendencia Financiera, IFC, IDB, AFD, World Bank, Finance in Motion, Climate Bonds Initiative, Banco Agrario, Fondo Nacional de Garantías, Bolsa de Valores de Colombia and UNDP, among others, also participated.
Among the main results of the dialogue was the need to improve the enabling conditions for channeling resources to climate projects, which implies closing gaps in technical assistance, reducing the high costs of green finance and strengthening the standardization of processes, including taxonomies and impact indicators.
The strategic role of development banks as a bridge between international financing and local investment was also emphasized, and it was proposed to advance in solutions such as deepening the issuance of thematic bonds, as well as improving monitoring systems through digital tools and clearer, more uniform and accessible reporting schemes. The importance of flexible and contextualized international cooperation that accompanies local efforts to generate a portfolio of bankable climate projects, strengthen institutional capacities and move towards an economic and just climate and energy transition was also recognized.